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Bitcoin finally completes its corrective drop by carving a low around $55500 in the past hour. The crypto has also tested fibonacci 0.382 retracement of the recent upswing between $40000 and $70000 as expected. It is carving a doji at the time of writing indicating a potential bullish reversal from here.
Bitcoin bulls might be inclined to push through $75000 before finding resistance. Further intraday drop could be possible but the crypto should be well supported around $52000 and its channel support trend line. Only a slip below the channel support would be encouraging to bears as they prepare to take on $40000 mark.
At this point in writing, the structure looks very constructive for bulls to take control back and push through new all-time highs. The expanded flat corrective structure looks complete at $55500 and Bitcoin is now trading above $56800 at the time of writing.
Potential rally towards $75000 against $50000
Good luck!
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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